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Financial jargon 'drives customers away' from banks

Customers are being driven away from banks and building societies who bombard them with financial jargon, new research backed by the treasury has found.

Three-fifths (60%) said they were likely to stop saving with a particular bank or building society is they could not understand the terms and conditions, while more than half said confusing language could prompt them to switch banks, the study by National Savings and Investments (NS&I) found.

Julian Hynd, director of retail at NS&I said it was clear that customers are being bombarded with financial jargon but it was essential information that is relevant too them.